Mr. Jeworrek said Munich Re predicts a continuation of the financial crisis and could see a reduction in insurance demand as a result.

He noted that because risks are becoming more complex and new risks are constantly emerging, Munich Re wants to place much more emphasis on service, using its risk knowledge to develop individual solutions for clients in response to complex issues.

The company's policy, he said, is to provide a "better and broader product that clients will pay for."

Even more so than in the past, the company will offer specialized consulting services to clients for internal processes such as balance-sheet management, risk modeling and asset-liability management.

He explained that Munich Re wants to be "the company where the core is understanding of insurance risk, and to be the company that can give the right advice for all clients."

In the course of making the change, he said Munich Re has revised its structure internally for central divisions and underwriting divisions and has developed client management teams and underwriting teams to work together in various local markets.

To make the business model clearer, he said, all of the company's reinsurance units will appear under the uniform brand of Munich Re, now Munchener R?ck in some areas. Managing general agencies and insurance units that operate specialized primary insurance activities out of the reinsurance segment will, in the medium term, be designated Munich Re Risk Solutions.

With the rebranding, Mr. Jeworrek said the companies will profit from a name that has been synonymous with risk knowledge since 1880.

A further focus of attention is in devising innovative coverage concepts for new and complex risks. For this reason, he said the reinsurer continually expands its knowledge of risk, investing substantially in enhancing actuarial and underwriting skills.

As part of the initiative, Munich Re said it plans to broaden its client base by actively growing its business with insurance pools, in public-private partnerships and in specialist primary insurance niche segments, where risk expertise is needed.

Mr. Jeworrek said in a statement, "Traditional reinsurance is our core business and will remain so. But we should aim to deploy our know-how even more precisely in the future. We want to be the first port of call for our clients when it comes to solving complex underwriting issues. The solutions we put forward derive particular credence from the fact that we, too, assume the risks and are thus in the same boat as our partners."

He used two examples:

In preparation for the European Union's Solvency II regulations, Munich Re said it is offering its clients a number of services--including consulting, workshops and tools--to help them optimize their risk management, save risk capital or enhance the return on investment with the same risk capital.

In connection with construction projects, the reinsurer said it offers a one-stop service: from risk assessment in the planning phase and insurance know-how, reinsurance capacity and risk inspections during the construction phase to completed risks cover after the end of the project.

A dedicated unit was specially set up to manage services offered for construction projects, Munich Re said.